Present Marketing Strategies: Relationship Marketing Concepts - Research Paper Example

But at present, marketing people are concentrating more on building the relationship with the customers for achieving long term goals. This paper briefly analyses the relationship marketing concepts. Introduction Relationship marketing is attracting, developing and maintaining of long-term cost-effective relationships with customers for repeat sales. “Relationship Marketing uses the event-driven tactics of customer retention marketing, but treats marketing as a process over time rather than single unconnected events” (Relationship Marketing) Current customers are more focussed about the treatment they receive from their clients.

They value more interactions from their clients for their purchasing needs. Even after purchasing they require after sales services. These after sales services and enquiries about the product will make a good impression about the seller in the minds of the buyer which will be converted into future sales activities as a result of the relationship building process. Relationship marketing The stages of relationship building have been defined differently by marketing experts. Some experts defines the relationship marketing steps as Interaction > Communication > Valuation > Termination; for some others it is Awareness > Comparison > Transaction > Reinforcement > Advocacy.

For a third group it is Suspect > Prospect > Customer > Partner > Advocate > Former Customer (Relationship Marketing) One of the main attractions of relationship marketing is the customized marketing techniques. Traditional marketing techniques were mainly focussed on the general aspect of the customers. But the computer and internet related technologies have made the customized marketing easier. For example, it is easy to send customized e-mail messages to the customers which will influence the rapport building.

The customers will develop more affection towards a brand when they receive personal or customized e-mail messages from the seller. The care and attention exhibited by the seller encourages the customer to approach the same buyer more and more for their purchasing needs. Some of the main advantages of relationship marketing are; “Repeat customers spend 33% more than new customers. Referrals among repeat customers are 107% greater than non-customers. It costs six times more to sell something to a prospect than to sell that same thing to a customer” (Lake) Repeat customers have more faith in the abilities of the seller and hence they will think less before taking their purchasing decisions.

Moreover repeat customers always give more mouth publicity to the products they purchased and hence the seller will get more publicity and their by more sales. Attracting a new customer towards a seller is a difficult task whereas same thing is easier as far as repeated customers are concerned. For example, my car service people always keen in enquiring about the conditions of my vehicle and they periodically call me and enquire about the conditions of the vehicle. Thus, even if my car may not have much problem, I often visit the service station for the periodical checkups of the vehicle.

The courtesy extended by these service people have established strong tie up between us which were mutually beneficial. Relationship marketing is not about relationships. It’s about marketing. It is not about authenticity, transparency, connection, being social; equality or communication (Dunford) The relationship marketer should know how to differentiate between the conventional meanings of relationship with the meanings of relationship in marketing. Marketing relationship is conditional since all the efforts made in such relationships will be aimed at selling a product or service either at present or in future whereas the conventional relationships are unconditional in which relationships were not utilized for any kind of gain.

In business relationship marketing, it is not necessary that the seller always be in touch with the customer for rapport building. The seller will prove his worth through action rather than words in relationship marketing. Thus the customer knowingly or unknowingly develops a strong bondage with the seller which helps both of them in future. Conclusions Relationship marketing is comparatively a new concept used in the present marketing strategies. Marketers have realized the importance of strong relationship with the customers in order to sell their products at present and in future also.

Relationship marketing is more concentrated in achieving long term goals rather than the short term ones. References 1. Dunford Naomi, 7 Ways You’re Screwing Up Relationship Marketing, Retrieved 01 October 2009 from http://www.copyblogger.com/relationship-marketing/ 2. Lake Laura, 2009, Customer Relationships Are Key to Your Marketing Strategy Retrieved 01 October 2009 from http://marketing.about.com/od/relationshipmarketing/a/crmstrategy.htm 3. Relationship Marketing, Retrieved 01 October 2009 from http://www.jimnovo.com/Relationship-Marketing-more.htm